Tuesday March 19th, 2024
Download SceneNow app
Copied

Canada's Bitcoin Fund Becomes MENA's First Indexed Cryptocurrency Fund

The Bitcoin Fund, which was listed on the Toronto Stock Exchange in 2020, has roughly $1.5 billion in assets under management and plans to manage double that amount next year.

Startup Scene

Canadian digital asset management firm, 3iQ, has received regulatory clearance for a dual listing of the Bitcoin Fund on Nasdaq Dubai.


The Bitcoin Fund, which was listed on the Toronto Stock Exchange in 2020, has roughly $1.5 billion in assets under management and plans to manage double that amount next year.


“Institutional investors including sovereign wealth funds have expressed interest in the listing. There's just been a lot of grassroots demand for it. Historically, investors who tried to invest in bitcoin through their regional banks,” Zachary Cefaratti, CEO of Dalma Capital Management, said. As a Dubai-based alternative investment firm, Dalma Capital has taken up the role of 3iQ's syndicate manager for the region’s first indexed cryptocurrency expansion. “In a lot of cases, if the banks found out they were sending money to cryptocurrency exchanges, they would actually close their accounts. So this is a huge shift and a huge change."


The shares are expected to start trading on Nasdaq Dubai in the second quarter of 2021, with 3iQ already in talks with exchanges in Singapore, Taiwan, Sweden and the United States to list the Bitcoin Fund in those markets.